Medical Sensors Market
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Medical Sensors Market was valued at over USD 15 billion in 2022 and is estimated to register a CAGR of over 10% between 2023 and 2032. The global industry is witnessing significant growth due to several causes including the growing use of sensors in portable & linked medical devices, the rapid uptake of IoT-based medical devices, rising healthcare costs, and the increased need for ventilators as a result of COVID-19. Rapid technological advancements in end-use industries are driving innovations in all sensor types including glucose monitoring sensors. These innovations are achieved through ongoing R&D activities focused on technologies such as microfluidics and wireless sensing. Sensors & technologies that can aid daily tasks, monitor a person's health, and save healthcare costs will witness demand as the population ages.
Medical sensors are gadgets that react to external stimuli, such as pressure, heat, light, sound, or any particular action, and send the impulse to a medical professional for examination. These gadgets transform physical sensations into electrical impulses. Medical sensors have several uses in the diagnosis, treatment, and control of diseases. Low-power electronics, power harvesting, MEMS technology, and smart materials have all witnessed increased use in the healthcare sector as a result of advancements in these fields.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Medical Sensors Market size in 2022: | USD 15 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 10 |
| 2023 Value Projection: | USD 40 Billion |
| Historical Data for: | 2018 - 2022 |
| No of Pages: | 200 |
| Tables, Charts & Figures: | 437 |
| Segments Covered: | Sensor type, application, technology, and region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The regularity standards that medical device manufacturers & suppliers of technologies must adhere to are impeding the expansion of the medical sensors market. For commercialization and integration with medical devices, medical sensor manufacturers are required to go through a variety of regulatory procedures that are specific to their country. Due to the extensive paperwork requirements and costly clinical trials, the development & marketing of ingestible and implanted sensors are time-consuming.
COVID-19 has caused multiple deaths as well as a global health crisis. The unexpected rise in infection had increased the demand for equipment such as ventilators, oxygen concentrators, and respiratory devices that help COVID-19 patients with breathing difficulties & low blood oxygen levels. Due to lockdown-induced supply disruptions, the pandemic presented several challenges for businesses operating in the medical sensors industry in 2020. However, companies handled this restriction efficiently, creating a more robust supply chain to satisfy their backlogs.
Advancements in sensor technologies will lead to high growth opportunities. The development of sensing technologies is making remote monitoring easier. The market will have numerous opportunities for growth as the number of smart medical devices rises. A range of growth opportunities will be presented to the market with the rise in smart medical devices. Communication technologies can be integrated with advanced sensors. Positive developments are in store for the medical sensors industry in the coming years owing to the introduction of IoT. Smaller, more compact sensors that can be incorporated into a variety of medical devices and even embedded in clothing are being made possible via advancements in sensor technology. Patients can now find continuous monitoring and data collection to be more convenient due to these wearable sensors.
The two foremost developments in the market are digital medicines and sensor-enabled pills. A sensor-enabled pill can help patients apply medication safely and effectively. Since such medication lowers the cost of inpatient care and treatment, its use is expected to grow. Medical sensors are used in these digital pills to detect signals and gather data regarding medication effects & missed doses.
Based on sensor type, the market is segmented into flow sensor, bio sensor, temperature sensor, pressure sensor, and others. The bio sensor segment dominated the market in 2022, accounting for a market share of over 24% in 2022. The segment is also estimated to register a CAGR of about 11% over the forecast period.
Based on application, the medical sensors market is segmented into clinical application and consumer application. The clinical application segment held a market share of over 66% in 2022 and is estimated to grow over the forecast period.
North America led the global medical sensors market with a significant share of over 33% in 2022. The market is growing significantly in North America owing to the high prevalence of inadequate inhalers for asthma attacks, well-developed infrastructure, favorable reimbursement regulations, rapid adoption of advanced medical technologies, and significant companies.
Furthermore, the U.S. has a competitive advantage in several industries that the medical device industry depends on including software development, microelectronics, telecommunication, instrumentation, and biotechnology. Recent developments such as neurostimulators, stent technology, biomarkers, robotic assistance, and implantable electronic devices have also been made possible by collaboration.
The medical sensors industry is highly competitive owing to the presence of key players such as:
Significant investments in R&D to gain technological competitiveness and aggressive business strategies including technological launches, collaborations & long-term agreements with clients to capture market share are positively impacting market growth.
Medical Sensors Market, By Sensor Type
Medical Sensors Market, By Application
Medical Sensors Market, By Technology
The above information is provided for the following regions and countries:
Amphenol Corporation, Analog Devices, Honeywell Inc., STMicroelectronics, TE Connectivity, and Texas Instruments.
North America market size for medical sensors was over 33% in 2022 and is expected to grow through 2032 owing to the high prevalence of inadequate inhalers for asthma attacks, well-developed infrastructure, favorable reimbursement regulations, and rapid adoption of advanced medical technologies across the region.
The market size for medical sensors was valued at over USD 15 billion in 2022 and is estimated to record more than 10% CAGR between 2023 and 2032.
The bio sensor segment share was over 24% in 2022 and is estimated to register about 11% CAGR from 2023 to 2032 as these sensors play a crucial role in healthcare and medical research by providing real-time data on various health-related parameters.